UK signs trade continuity agreement with Colombia, Ecuador and Peru

The United Kingdom has signed the UK-Andean Countries Trade Agreement.

Government Ministers from the three Andean countries were present at the signing, including: President Moreno of Ecuador; Colombian Vice Minister of Trade, Laura Valdivieso; Ecuadorian Minister of Commerce, Pablo Campana and Minister of Foreign Trade and Peru’s Minister of Tourism, Edgar Manuel Vásquez Vela.

Once in force, the agreement will help to protect a trade flow of £2.1 billion and bring continuity for both businesses and consumers, safeguarding British jobs.

In 2017, there were 1,500 British businesses exporting goods to Colombia, 600 exporting goods to Ecuador and 1,300 exporting goods to Peru.

Between 2008 and 2018, UK exports of goods and services to the region grew by 58% and imports from the region grew by 24%.

This trade continuity agreement has been agreed in preparation for the UK’s departure from the EU.

The agreement will allow businesses to trade as freely as they do now, without any additional barriers or tariffs. ■